Drug company that raised life-saving pill’s price by 5,000% is under Senate investigation

The Senate’s Special Committee on Aging wants to know more about how four drug manufacturers came to raise prices of their products. One of the companies, Turing Pharmaceutical, hiked the price of a rare pill by 5,000 percent.

Led by Chairwoman Senators Susan Collins (R-Maine) and Claire McCaskill (D-Missouri), the panel sent letters to Turing Pharmaceuticals, as well as Valeant Pharmaceuticals, Retrophin Inc, and Rodelis Therapeutics.

“The sudden, aggressive price hikes for a variety of drugs used widely for decades affect patients and health care providers and the overall cost of health care,” Collins said in a statement.

Also on Wednesday, House Democrats from the investigative committee asked their Republican counterparts to hold a vote on whether to sue Valeant and Turing.

Turing made a big splash in the news in September when it raised the cost of a toxoplasmosis drug by 5000 percent. The price of the anti-infective medication known as Daraprim, which is used to treat AIDS and cancer patients, went from $13.50 per pill to $750 in one fell swoop.

Retrophin’s kidney disease drug, Thiola, which went from $1.50 to $30 a tablet, is the subject of another Senate panel letter. The investigative committee wants to know more about what it takes to manufacture the drug and what’s in it, to see if the price change was justified.